Friday May 9, 08:23 AM
London shares open lower; high oil sparks inflationary concerns; financials down
LONDON (Thomson Financial) - Leading shares opened lower after Asia fell back this morning as record oil prices sparked concerns of worldwide inflationary pressure and disappointing earnings news from US insurer AIG weighed on sentiment with financials trading weaker.
At 8:03 a.m., the FTSE 100 index was off 25.4 points at 6,245.4 after closing 9.8 points higher at 6,270.8, while the FTSE 250 (news) index was down 26 at 10,523.8.
In the U.S. yesterday, Wall Street closed a quiet session with a moderate advance, with energy and other commodities companies leading the market as oil prices extended their record-breaking run.
The DJIA closed up 52.43 to 12,866.78, the S&P 500 index rose 5.11 to 1,397.68, and the Nasdaq composite (NASDAQ: news) index gained 12.75 to 2,451.24.
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